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Study: Millionaires would save at least $455,000 each under Herman Cain's 999 plan

WASHINGTON — Herman Cain’s 9-9-9 tax plan would give every American making more than $1 million an average tax cut of $455,000, according to a new independent analysis.

All Americans with incomes above $200,000 would get tax cuts under the Republican presidential candidate’s dramatic proposal, according to the analysis by the Tax Policy Center, a joint effort of the Urban Institute and Brookings Institution, both respected center-left policy-research centers.

At the same time, all Americans with incomes below $200,000 would see their taxes increase under the Cain plan, according to the analysis, which is the first to look at precisely what would happen to different incomes under the proposal.

Cain’s 9-9-9 plan has captured the imagination of many Republicans and fed his meteoric rise to the top tier in polls on the contest for the 2012 Republican presidential nomination. He proposes to replace all federal taxes with a 9 percent flat tax on personal income, a 9 percent flat tax on corporate income, and a 9 percent national sales tax.

He has been vague about the proposal’s details, and his campaign has refused to answer questions from McClatchy.

That story here

Earlier, we told you how some influential business groups don't like the plan, saying it would hurt the economy because it would depress consumer spending by middle- and lower-income people as this story shows.)

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